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RESOLUTION
NO.
2011 -
27783
A RESOLUTION
OF
THE CITY
COMMISSION OF
THE CITY OF MIAMI
BEACH, FLORIDA,
AUTHORIZING
THE ISSUANCE
OF
NOT
TO
EXCEED $
67
00,
00N AGGREGATE
PRINCIPAL
AMOUNT O F CITY
OF
MIAMI
BEACH,
FLORIDA
GENERAL
OBLIGATION REFUNDING
BONDS,SERIES 2011,FOR THE PU RPOS E O F REFUNDING
ALL
O R A
PORTION OF
THE
CITY'SUTSTANDING
SERIES 2000
GENERAL
OBLIGATION
BONDS
AND /
OR
ALL
OR
A PORTION OF
THE
CITY'S
OUTSTANDING
GENERAL
OBLIGATION
BONDS,
SERIES
2003;
PROVIDING THAT SUCH GENERAL OBLIGATIONREFUNDING BONDS
SHALL
CONSTITUTE
GENERAL OBLIGATIONS OF
THE
CITY
AND
THAT
THE FULL FAITH,CREDIT
AND
TAXING
POWER
O F THE CITY
SHALL BE
IRREVOCABLY PLEDGED
FOR
THE
PAYMENT OF
THE
PRINCIPAL
OF AND
THE INTEREST
ON SUCH
GENERAL
OBLIGATION
REFUNDING
BONDS;
MAKING CERTAIN
COVENANTS
AND
AGREEMENTS
IN CONNECTION
THEREWITH;
PROVIDING CERTAIN
DETAILS
OF
THE
BONDS;
DELEGATING CERTAIN
MATTERS IN
CONNECTION
WITH THE ISSUANCE
OF
THE
BONDS TO
THE
MAYOR;
AUTHORIZING
THE
NEGOTIATED
SALE
OF THE
BONDS
TO
THE
UNDERWRITERS;
APPROVING
THE
FORM
OF AND
AUTHORIZING
THE
EXECUTION
AND
DELIVERY
OF
A
BOND
PURCHASE
AGREEMENT;
AUTHORIZING THE
REFUNDING, DEFEASANCE,
PREPAYMENT AND
REDEMPTION,
AS
APPLICABLE,
OF
THE
REFUNDED
BONDS;
APPROVING THE FORM O F
AND AUTHORIZING
THE
EXECUTION AND DELIVERY
OF
AN
ESCROW
DEPOSIT
AGREEMENT AND APPOINTING AN ESCROW AGENT;APPOINTING
A
PAYING
AGENT AND A
BOND
REGISTRAR;
PROVIDING
FOR
A
PRELIMINARY
OFFICIAL
STATEMENT
AND
AUTHORIZING
THE
EXECUTION
OF AN
OFFICIAL
STATEMENT;
COVENANTING
TO
PROVIDE
CONTINUING
DISCLOSURE
IN
CONNECTION
WITH THE
BONDS
IN
ACCORDANCE
WITH
SECURITIES AND
EXCHANGE
COMMISSION
RULE
15c2 -
12
AND
APPROVING THE
FORM
OF AND
AUTHORIZING THE
EXECUTION
AND
DELIVERY OF A
DISCLOSURE
DISSEMINATIONAGENT AGREEMENT WITH RESPECTTHERETOAND
A PP O IN T IN G A DISCLOSURE D I SS E M IN A T IO N A G E N T
THEREUNDER;
APPROVING
THE
FORM OF
AND
AUTHORIZING
THE
EXECUTION
AND
DELIVERY
OF
GULF
BREEZE
LOAN
AMENDMENTS;
AUTHORIZING
A
BOOK -
ENTRY
REGISTRATION
SYSTEM
FOR
THE
BONDS;
AUTHORIZING
CERTAIN
OFFICIALS AND
EMPLOYEES
OF
THE
CITY
TO
TAKE
ALL ACTIONS
REQUIRED
IN CONNECTION
WITH
TH E ISSUANCE OF SAID
BONDS; AND PROVIDING AN
EFFECTIVE
DATE.
WHEREAS, o n
S e p t e m b e r
17, 1999, t h e Mayor a n d
City
Comm iss ion (
col lect ively,
t h e
Commission )
of
the
City
of
Miami
Beach,
Florida (
the
City )
dopted R eso lu t i on No.99-
2 3 2 9 9 c a l l i n g
f o r
a s p e c i a l e l e c t i o n o n
N o v e m b e r
2, 9 9 9 t o s u b m i t t o th e e l e c t o r a t e o f t h e
City a
MIAMI /2 7 1 0 6 9 .
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b o n d re fe ren dum to
decide
whether th e City should be author ized
to issue
n o t exceeding
920,
00
n
pr i nc ipa l
a m o u n t of genera l
ob l iga t i on
bonds (the Fire S a fe ty G en e ra l
Obl iga t i on
Bonds )
to r e n o v a t e , expand
a n d
i m p r o v e f i re s ta t i on s an d re la ted
facilities
lo ca te d in th e City
a n d acqui re a n d
equip fire
trucks;a n d
WHEREAS,
n Septem b er
1 7 ,
1 9 9 9 ,
he
C o m m i s s i o n
a ls o a do pte d
Resolut ion
No. 99-
23300 cal l ing
fo r a
special
elect ion o n Nov e m b e r
2,
9 9 9
to
s ub m i t to
th e
electorate
of th e
City a
b o n d referendum to decide whether the City should
be
author ized
to
issue n o t exceeding
2430,
00
n p rin c ip a l
a m o u n t
of
genera l
ob l iga t ion
bonds (
the
Parks a n d B ea ches
Genera l
Obligation
Bonds )
to
improve recreat iona l faci l i t ies
an d equipm ent , access,
securi ty
an d related
main tenance
faci l i t ies
fo r
parks an d
beaches located
in
th e
City;an d
W H E R E A S , o n Se pte m b er 1 7 ,
1 9 9 9 ,
the C o m m i s s i o n
further
adopted Resolut ion No.
99-
2 3 3 0 1 call ing fo r
a
special
election
on
November
2, 9 9 9
to
submit
to t h e electorate o f t h e City
a
bond
referendum
to
decide
wither
the
City
should
be
authorized to
issue
n o t exce edin g
57
15,
00
n
pr i nc ipa l
amount
of
g ener a l
obl igat ion
bonds (
the N e i g h b o r h o o d
Genera l
Obl igat ion
B o n d s
nd,
ogether
with
the
F ire Sa fety Ge ner al
Obl igat ion
Bonds
an d the Parks
and
Beaches
General
Obl iga t i on
Bonds,
the
General
Obl iga t i on
Bonds )
to
im p ro v e
neighborhood infrastructure in t h e City , consist ing
o f s t r e e ts c a p e s a n d traff ic calming
measures,
shorel ine
stabi l iza t ion a n d
r ela t ed m a i n te n a n c e facilities;
an d
W H E R E A S, a t s uch s p ec ia l
elect ions
o n
Nov e m b e r
2, 9 9 9 , t he is s ua n ce of
th e
Genera l
Obligation B o n d s w a s a p p r o v e d b y t h e e l e c t o
r a t e
o f
t h e City
i n
a c c o r d a n c e with t h e a p p l i c a b l e
laws
of
th e State
of
Florida;
a n d
WHEREAS, o n J u l y
3 ,
2000, h e City i s s u e d $30,00,
00n
a g g r e g a t e
principal a m o u n t
o f
t h e G e n e r a l Obligation B o n d s c o n s i s t i n g
o f (i)30,
00
n
principal a m o u n t
o f
t h e F i r e
S a fe ty G e n e r a l
Obligation
Bonds , (
ii) $
3 0 ,0 0 0
in pr in c ipa l
a m o u n t
o f
t h e P a r k s a n d B e a c h e s
G e n e r a l
O b l i g a t i o n
B o n d s , a n d (iii) $
1,
40,
00
n
p r i n c i p a l
a m o u n t o f
t h e
N e i g h b o r h o o d
General
Obligation Bonds,
cur rent ly
o u t s t a n d i n g
in
the
aggregate
principal
amount of
1810,00 (
ollectively,
he
Series
2000
General
Obl iga t i on
Bonds ),
by b o r r o w i n g funds
from
the
loan
p o o l
program
established
by
the
City
of
Gulf
Breeze,
Florida (
Gulf Breeze )
p u r s u a n t
t o two
lo a n s m a d e b y
Gulf B r e e z e t o
t h e City
t h e r e u n d e r (
each,
a Gulf B r e e z e L o a n
and
collectively,
he
Guf
Breeze
Loans ),
a s m o r e particularly
descr ibed
in
th e
re la ted
L o a n
Agreements an d Governmen ta l U n it N o te s ; an d
W H E R E A S , o n J u l y 22,
2 0 0 3 ,
t h e C i t y is s u e d $6265,00n a g g r e g a t e p r i n c i
p a l
a m o u n t
o f t h e G e n e r a l O b l i g a t i o n B o n d s c o n s i
s t i n g o f (
i) $
90,000 in p r i n c i p a l
a m o u n t
o f t h e F i r e S a f e t y
G e n e r a l
O b l i g a t i o n
Bonds, (
ii) $
5,
00,
00
n p r in c ip a l
a m o u n t
o f
th e P a r k s
a n d
B e a c h e s
G e n e r a l
O b l i g a t i o n B o n d s , a n d (iii) $6,175,00n p r i n c
i p a l a m o u n t o f th e N e i g h b o r h o o d
G e n e r a l O b l i g a t i o n B o n d s ,
d e s i g n a t e d
City o f M i a m i B e a c h , F l o r id a G e n e r a l O b l
i g a t i o n B o n d s ,
Series
2003,
urrently
o u t s t a n d i n g
in
the
aggregate
principal
amount
of $
4970,00
collectively,
he
Series
2003
General
Obligation
Bonds );
and
WHEREAS, h e
Commiss ion h a s d e te r m i n e d t h a t
a s
a
r e s u l t
o f t h e current lo w i n t e r e s t
r a t e e n v i r o n m e n t ,
i t
is
f i n a n c i a l l y
b e n e f i c i a l to
a u t h o r i z e
r e f u n d i n g
a l l
o r a
p o r t i o n
o f th e S e rie s
2 0 0 0 G e n e r a l O b l i g a t i o n B o n d s a n d /o r a
ll o r
a
p o r t i o n of t h e S e r i e s
2 0 0 3
G e n e r a l O b l i g a t i o n
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B o n d s ,
a s
sha l l be
d et er m i n e d b y
th e M a y o r
in
accordance
with
th e p r ov i s i on s
con ta i ned
her e i n ;
and
WHEREAS,
he
C o m m i s s i o n ha s d et er m i n e d th a t it is des i
rab le , s u bj ec t t o th e p r o v i s i o n s
of
this Reso lu t i on ,
o author ize the is s ua n ce by th e City of it s Genera l Obl
iga t i on Refund ing
B o n d s ,
Series
2011,
n
a n
aggregate
pr inc ipal
a m o un t n o t to
exceed $
67
00,
00(
he
Bonds ),
for
th e
purpose of r ef un d in g a ll o r
a por t i on
of th e Series
2000
Genera l Obl iga t i on
B o n d s
an d /or
a ll o r a por t i on of th e
Series
2003
Genera l
Obl iga t i on B o n d s ;
an d
WHEREAS,
the
Commission ha s further determined that
it
is in
the
b e s t interest of
the
City t o d ele ga te
a s provided herein
th e
dete rm ina t i on of var ious t e r m s of
th e Bonds, he
f i n a l
award of
th e B o n d s ,
nc luding
th e
execution of a B o n d
Purchase A g r eem en t ,
th e de te rm ina t i on
of
which Series 2000
Genera l
Obl igat ion B on d s
and /or Series
2003
General
Obl igat ion B on d s
will be refunded a n d other
actions in connection with
the is s ua n ce of the Bonds a n d
the
refunding
of
such S e r i e s
2000
General
Obl igat ion Bonds
a n d /or Series
2003
General
Obligation
B o n d s , w hether to
obta in
b on d i nsurance with
respect
to th e B on d s an d
a ll
o ther a ctio n s
necessary
o r
desirable
in
connect ion
with
the issuance of
the
B o n d s ,
ub je ct t o the
l im i ta t ions
c o n t a i n e d herein;a n d
WHEREAS,
for
reasons
more
fully
set
forth
herein,
the Commission
finds
and
determines
it to b e in
th e b es t
interest of the
City to
author ize
the s a l e
of
the
Bonds
o n
t he b asis
of a negotiated sale rather than a public sale by com pet it ive
bid.
NOW,
THEREFORE,
BE
IT
RESOLVED
BY
THE
MAYOR
AND
CITY
COMMISSION OF
TH E
CITY OF MIAMI BEACH,
FLORIDA:
SECTION 1.
DEFINITIONS.
In
addition to
the
terms
elsewhere
defined
in
this
Resolut ion,
un less the
context
otherwise
requires,
t h e
fo l low ing
terms
a s
u s e d
in this Reso lut ion
shal l h av e th e
fo l low ing m e a n i n g s :
Act
eans
the
Constitution
and laws
of
the
State of
Florida,
n c lud in g w ith o ut
l imi tat ion,
Article VII, e c t i o n 1 2
o f
t h e Consti tut ion, C h a p t e r 166 ,
F l o r i d a
S t a t u t e s , a s a m e n d e d ,
and
Sections
132.33 -
1 3 2 .47, lorida Statutes, a s amended, a n d t h e City o f M
i a m i
Beach
Charter,a s amended.
Authorized
Depository
m e a n s a n y
bank, t r u s t
c o m p a n y , n a t io n a l b a n k in g a s s o c i a t i o
n ,
s a v i n g s a n d l o a n a s s o c i a t i o n , s a v i n g
s
b a n k o r
o t h e r b a n k i n g a s s o c i a t i o n
s e l e c t e d
b y
th e
C i t y
a s a
d e p o s i t o r y , w h i c h is
a u t h o r i z e d
u n d e r F lo r id a la w to b e
a d e p o s i t o r y o f
m u n i c i p a l
f u n d s
a n d
w h i c h
h a s
c o m p l i e d
w i t h
a ll a p p l i c a b l e s t a t e a n d
f e d e r a l
r e q u i r e m e n ts c o n c e rn in g th e r e c e i p t
of
City funds.
Bond
or
Bonds
mean
the
City
of
Miami
Beach,
Florida
General
Obligation
R e f u n d i n g
B o n d s ,
S e r i e s 2011, s s u e d
h e r e u n d e r
in a n a g g r e g a t e p r i n c i p a l a m o u n t n o t
t o e x c e e d
67
000,
00
Bondholder ,
ho lder
r registered owner
m e a n s
t h e p e r s o n
i n
w h o s e n a m e a n y
B o n d is
r e g i s t e r e d
o n th e r e g i s t r a t i o n b o o k m a in t a in e d b y t
h e B o n d R e g i s t r a r .
MAM
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Bond
Purchase
Agreement m e a n s
th e
B o n d Purchase A g r e e m e n t to
be
entered
i n to
between th e City a nd the Underwr i ters prov id i ng for th
e
t e rms
of th e
sa le
of th e B on ds to th e
Underwriters.
Bond Registrar
m e a n s
U.
S.
B a n k
N a t i o n a l Association,an d
a n y o ther
a g e n t
des igna ted
f r om
t im e
to
t i m e
b y
th e City,
y
resolution,
o
m a i n t a i n
th e
r eg is t r a t i on
b o o k s
for
th e
B o n d s
issued
h er eun d er o r to perform o the r dut ies with respect
to
reg is te r ing
th e t r ans fe r of th e
B o n d s .
Chief F i n a n c i a l Officer
eans
th e Chief F i n a n c i a l Officer
of
th e City o r h is o r her
des ignee o r th e
officer
s uc ce edin g to his o r her
pr i nc ipa l
functions.
City
eans
th e
City of Miami B e a c h , Florida.
City Attorney
m e a n s
th e
City
At to rney of th e
City o r his o r her designee.
City
Clerk
m ea ns the City Clerk o r his o r he r
designee o r the of f icer succeeding
to
hi s
o r her
pr i nc ipa l functions.
City M a n a g e r
m ea ns the
City Ma n a ger o r
his
o r
he r
designee
o r the off icer succeeding
to his
o r
her
pr i nc ipa l
functions.
Code
eans
the Interna l Re ve n ue Co de of 19 86 , a s amended,
an d
a ll t e mpo ra ry ,
proposed o r permanen t
imp lement ing
r eg ula t ion s p rom ulg a ted o r ap plic able
thereunder.
Commission means
the
M a y o r an d City
C o m m i s s i o n of the
City.
Continuing
Disclosure
Agreement
means
the
Disclosure
Dissemination
Agent
Agreement t o
b e
e n t e r e d into
b e t w e e n
t h e
City a n d t h e
Dis clo s ur e Dis s em i n a tio n Ag en t in
connection with the Bonds.
Disc losure
Dissemina t ion Agent means
Digi ta l
Assurance Cert i f i ca t ion ,
LLC
DTC
eans
The
Depository
Trust
C om p an y , New
York,New York, ts successo rs and
a s s i g n s .
EscrowAgent m e a n s
U.
S.
B a n k
N a t i o n a l Association.
Escrow Deposit Agreement m e a n s t h e Escrow Depos it
Agreemen t
t o
b e e n t e r e d into
b e t w e e n
th e
C i t y
a n d
t h e E s c r o w Agent, p u r s u a n t t o
w h i c h
a
p o r t i o n
o f t h e
p r o c e e d s
o f t h e
B o n d s ,
o g e t h e r w i t h i n v e s t m e n t
e a r n i n g s
t h e r e o n a n d
a n y
o t h e r
m o n e y s , will
b e h e ld b y t h e
Escrow
Agent
in
irrevocable
e s c r o w
fo r
t h e
p a y m e n t
o f
t h e
principal
o f
a n d
i n t e r e s t
o n t h e
S e r i e s
2003 General Obl igat ion Bonds const i tut ing Refunded
B o n d s .
Financia l Advisor
m e a n s
R B C
C a p i t a l M a r k e t s , LLC, h e f i n a n c i a l a d v i
s o r
t o
th e
City
in
c o n n e c t i o n wth
th e is s ua n c e
of
th e Bonds.
Fiscal Year m e a n s
th e
p e r io d c o m m e n c in g
o n
O c t o b e r
1
o f
e a c h y e a r a n d e n d i n g o n
th e
s u cc ee din g S ep te m b er 30p
or
such
other
consecutive
1 2 -
month
per iod
a s m a y herea fter be
designated a s the
f iscal
year
of
the
City.
MIAMI /2 7 1 0 6 9 .2
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Government
Obligations
m e a n s :
a)
ir e ct o b li ga t io n s of,
r
obl igat ions
guaranteed
a s
to
t im e ly p a y m e n t by,
the United States of
America;
b
n y
bonds
o r
other
ob l iga t i ons
of
a n y
state of
th e
Uni ted
States of
A m e r ic a o r
of a n y
a g e n cy , n s tr um e n ta lit y o r lo c a l g o ve rn m e n
ta l un i t
of
a n y
such
state
i) maturity
which are
not
callable
prior
to
maturit
or as
to
which irrevocable instructions have
o
P
been
given
to
t he t rus te e
of such
bon ds o r o ther
o b lig a tio n s b y
th e obligor
to
give due
no t ice of r edem pt ion a n d
to ca l l
such
bon ds
for
r edem pt ion o n the
date
o r
dates
spec i f ied
in
such
i ns t ruc t ions , (
ii)
hich a re
secured
a s
to
pr inc ipa l
a n d
i n teres t
a n d
redem pt ion
premium, if
any,
by a
fund
cons i s t i ng o n l y of cash
o r
ob l iga t i ons of
th e
character
descr ibed in clause (a)
ereof
which
fund
m a y be appl ied o n l y to the
p a y m e n t
of
such
pr i nc ipa l
of
and
interest
and
r e d em p t io n premium,
if any, o n s uch bo n ds o r o the r
ob l iga t i ons o n the m atur it y date
o r
dates the reo f
o r
the
redempt ion
date
o r
dates
specified
in
the
irrevocable
instructions
referred to
in subclause (
i)
f
this
clause (
b,
s
appropr ia te,
and (
iii)
s
to
which
th e
pr inc ipa l
of
an d
i n teres t
o n the
ob l iga t i ons
of
th e
charac ter descr ibed in clause (a)e re o f w h ic h have been
deposi ted in such fund
a l on g
with a n y cash o n deposi t in such fund
a r e
suff icient to pa y pr inc ipa l of an d interest an d
redempt ion
p re m i um , if
a n y ,
on the bonds o r o th er ob l iga t ions
described
in th is
clause (b
on the m atur it y date o r dates t hereof o r on the redempt
ion date o r dates sp ec if ie d i n the
i r revocable inst ruct ion s referred to in subclause (i)
f
this clause (
b,
s appropr iate;
c)
vidences of
indebtedness issued
b y
the
Federal
Home
Loan Banks,
Federal
H o me
Loan M o rt ga ge Co rpo ra t io n (
i nc luding
part icipat ion
cert i f icates), ederal
F inanc ing
B a n k s ,
o r a n y other agency o r
i ns t rumenta l i t y
of
the Uni ted States
of
Amer ica
created
b y
an act of
C o n g r e s s
provided
that the
ob l i ga t i ons
of
such
agency
or
inst rumental i ty
a r e
uncondi t iona l ly
guaranteed
a s
to
t im ely
pa ym e n t by
the
United
S t a t e s
of
America
o r a n y other
agency
o r
inst rumental i ty
of
the United S t a t e s
of
America
o r
of
a n y
corpora t i on
wholly -
wned by th e Uni ted States of
America;an d
d)
vidences of ownersh ip of propor t i ona te in terests in future
i n teres t an d
principal
p a y m e n t s o n obligations d e s c r i b e d
i n (a) e ld
b y a b a n k o r t r u s t c o m p a n y
a s
custodian.
Gulf B r e e z e
L o a n
Amendments means,
collectively, (i)h e
First S u p p l e m e n t a l
L o a n
Agreement
to b e e n t e r e d into am on g
Gulf Breeze,
U.S.
an k National
Associat ion,
s
Trustee,
a n d t h e City , elating t o t h e $15,10,00n original
a g g r e g a t e
principal a m o u n t
Gulf
B r e e z e
Loan, n d (ii)h e F i r s t S u p p le m e n t a l L o a n A g
re e m e n t t o b e
e n t e r e d
into a m o n g Gulf Breeze,
U.
S.
a n k
N a t i o n a l
Association,
a s
Trustee,
a n d
t h e
City,
e l a t i n g
t o t h e $
14
90,
00
n o rig in a l
a g g reg a t e principal
a m o u n t Gulf Breeze Loan.
Mayor e a n s
t h e Mayor o f t h e City o r t h e officer s u c c e e d i n
g
t o h is
o r
h e r
principal
functions.
M a y o rsertif icate
m e a n s t h e Certificate t o
b e
e x e c u t e d
b y
t h e Mayo r prio r t o o r
a t
t h e
t i m e
o f t h e e x e c u t i o n o f th e B o n d P u r c h a s e A g
r e e m e n t , w h i c h
c e r t i f i c a t e
s h a l l
p r o v i d e
c e r t a i n
d e t a i l s
o f
t h e B o n d s a n d th e refunding o f t h e R e fu n d e d B
o n d s
a s
r e q u i r e d u n d e r this Resolution.
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Official
S t a t e m e n t
m e a n s t ha t c er ta i n
Official
Sta tement with
respect to
t he i s s ua n c e of
th e Bonds,
as
such Official Sta te me n t sha l l
be
approv ed
b y th e
Mayor a nd the City
M a n a g e r
in
ac c or danc e
wth
th e
provisions of this Resolution.
Outstanding r Bonds
outstanding m e a n s
a ll B o n d s which
h ave be en
issued pursuant
to
t h is R e s o lu tio n
except:
a)
o n d s
cance l led
af ter purchase in the o pen m a rk et o r because
of
p a y m e n t
a t
o r
r e d e m p t i o n
prior to maturity;
b
o n d s for
th e
pa ym e n t o r r e d em p t io n ofwhich c a s h funds o r G
ove rn m e n t
Obl iga t i ons o r
a n y
c o m b i n a tio n t he re o f sha l l have
been
theretofore i r revocab ly set
aside
in a special
account
with th e Pay i ng Agen t
o r
other Author ized
De po s i t o r y , whether
upon
o r
prior
to
th e
m at u r it y o r redem pt ion date of
a n y s uch
Bond, n an a m o u n t
which,
together with
earn ings
o n
such Governmen t
Obl iga t ions ,
wll
be
suf f ic ient to pa y the
pr incipal of
a n d
in terest
an d
redemption p rem i um,
f
a n y , on
such
Bonds
a t
matur i t y o r
upon
the i r
ear l ie r redemption;prov ided that,
if
such
B o n d s a re to be redeemed before th e
m atur it y thereof ,
not ice of such redempt ion
shal l
ha ve been
given
according
to
the
requirements of t hi s R es o lut ion
o r
i r revocable
ins t ruct ions
direct ing the t im e ly giv ing of
such
not ice an d
di rect ing
the p a y m e n t of the pr inc ipal of
an d
i n teres t on
a ll
B o n d s
at
such
redempt ion dates
shal l
h av e b een given to the Paying
Agent;
c)
o n d s which a re deemed pa id purs ua n t to Sec tio n
5.
G
hereof;
a n d
d)
onds
in
exchange
for
or in
lieu of
which
other
Bonds
have
been
authent icated
an d
delivered pursuant
to
this
Reso lu t ion .
P a y i n g Agent m e a n s U.S.B a n k Nat iona l
Assoc ia t ion ,
a n d
an y
other
agent which
is a n
Authorized
Deposi tory ,
designated
f rom
t ime
to
t ime by
t h e
City ,
by
resolut ion,
o
s e r v e
a s
a
P a y i n g
Agent
fo r t h e B o n d s i s s u e d h e r e u n d e r t h a t s h a
l l h a v e a g r e e d t o a r r a n g e fo r t h e t imely
payment o f
t h e
principal
of,
n t e r e s t
o n
a n d redemption premium, if an y , w i th r e s p e c t t o t h
e
B o n d s
t o t h e
r e g is t e r e d o w n e r s
thereof, f rom
f u n d s
m a d e available there for by t h e
Ci ty .
Prel iminary Official
Statement m e a n s
t h e Preliminary Official S t a t e m e n t with r e s p e c
t
to the issuance ofthe Bonds.
Refunded
B o n d s m e a n s t h e portion o f
t h e
S e r i e s
2 0 0 0 G e n e r a l
Obligation B o n d s
and /
or
the
Series
2003
General
Obligation
Bonds
to
be
refunded
in
accordance
with the
provisions of th is Resolution.
Resolution e a n s t his reso lut ion authorizing the
issuance
o f t h e B o n d s ,
s amended
f rom t ime to t ime to the extent perm i tted hereby.
Underwriters
means
Morgan
K e e ga n &
Company,
Inc.,
strada,
Hinojosa &
Company,
Inc.
an d First Southwest C o m p a n y .
W o r d s
in t h i s
R e s o l u t i o n import ing
s i n g u l a r n u m b e r s
s h a l l i n c l u d e t h e
plural n u m b e r in
e a c h
c a s e
a n d
v i c e v e r s a , a n d
w o r d s im p o r ti n g p e r s o n s
s h a l l
i n c l u d e f i rms , c o r p o r a t i o n s
o r o th e r
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entities
including governments
or
g o v e r n m e n t a l
bodies.
W o r d s
of th e m a s c u l i n e g en de r s h a ll
be
d e e m e d a n d c o n s tr ue d t o
i nc lude c or re la t i v e w o r d s of
th e feminine
a n d n e ut er g e n d e rs .
SECTION
2
FINDINGS AND
DETERMINATIONS.
It is
hereby
ascertained,
determined
and
declared that:
A
The
rec i ta ls to
th is
Resolut ion
a re
hereby
i nco rpo ra ted
here in
a s f i nd i ngs a n d
determinations.
B
Th e City is
author ized
under th e Act to issue genera l ob l iga t i on
re funding
bonds
to
prov ide for th e p a y m e n t
of
th e pr i nc ipa l
of
a n d i n teres t o n
th e
Refunded Bonds.
C.
Th e
pr i nc ipa l
a m o u n t
of th e
B o n ds s ha ll
n o t exceed
a n
a m o u n t suf f ic ient to pa y
the s um of th e pr i nc ipa l a m o u n t of th e Refunded B o
n d s , he a g gr eg ate a m o u n t of unmatu red
in te rest
payable
o n
th e
R efun d ed B o n d s to a n d
i nc luding th e
date tha t
they
m a tu re ,
a re p re pa id o r
a re cal led
for redemption,
s applicable, a n d
th e cos ts of i s suanc e
of
th e Bonds,a ll in ac c or danc e
with
Section 1 3 2 .35,
Florida Statutes.
D.
Th e s um
of
th e pr es e n t value of th e t o t a l p a y m e n t s
of pr inc ipa l
a n d i n teres t to
become due o n the B on d s (
exc lud ing
a ll such
pr inc ipal
an d interest
p a y m e n t s ,
ifa n y , a s
wll
b e
made with m o n e ys
held by
the Escrow
Agent under
the
Escrow
Depos i t
Agree m e n t ) an d
the
present
value
of cos ts of issuance of th e B o n d s ,
if
a n y ,
n o t paid with proceeds
of th e B o n d s , will
be les s than
th e
present value
of th e pr inc ipa l
a n d i n te re s t p a y m e n t s to beco m e
due
at their
stated
maturities,
o r
ear l ier m a n d a t o r y
r ed em p tio n d a te s ,
o n the Refunded B o n d s .
E.
Th e
B o nds s ha ll
be issued a t a l ower n et a ve ra ge i n teres t cos t rate
tha n the n et
average interest cost rate of the Refunded B o n d s ,
n d the ra te
of interest borne by
the
Bonds
shall
n o t
exceed the
m a x i m u m
in terest
rate established
pursuant
to the
te rms
of
Se ct io n 215.
84,
Florida
Statutes.
It
is
e s t i m a t e d that
t h e p r e s e n t
value
o f
t h e
to ta l
debt s e r v ic e s a v in g s anticipated
to
accrue
to
the
City
f rom t he is s uan ce
of
the
Bonds
a n d the refunding
of
the Refunded
B o n d s ,
calculated in
a c c o r d a n c e with S e c t i o n
132.
35(2,lorida
Statutes,
h a l l
b e a t l e a s t
t h r e e p e r c e n t
3.0 %).
F.
The B on ds s ha ll in
n o even t
m a t ur e la ter tha n
September
1 ,
2033,
which is n o t
l a t e r
t h a n
forty (40)
e a r s
a f t e r
t h e d a te
o f i s s u a n c e
o f
either
t h e S e r ie s
2 0 0 0 G e n e r a l
Obligation
B on d s o r
the
Series 20 0 3 G en e ra l
Obligat ion B o n d s .
G.
T h e f i rst instal lment o f principal o f t h e
B on ds s ha ll
mature,
o r b e subject
t o
manda to ry redempt ion, no t later
than
t h e d a t e o f t h e f i rst s t a t e d matur i ty o f t h e
Refunded Bon ds
n e x t followng
th e
date of i s suance of
th e
Bonds.
H.
The
B o n ds s ha ll
n o t
be i s sued
until
such
time
as
th e
Chief F i n a n c i a l Officer s h a l l
h a v e filed a certificate
with
t h e Commiss ion s e t t i n g forth t h e p r e s e n t value
o f
t h e
to ta l
d e b t
s e r v ic e s a v in g s
which
wil l result
f rom
t h e i s s u a n c e o f
t h e
B o n d s
t o
refund t h e R e f u n d e d
Bonds ,
c o m p u t e d in a c c o r d a n c e with
t h e
t e r m s o f S e c t i o n 1 3 2 .35,
l o r i d a
S t a t u t e s , a n d d e m o n s t r a t i n g
mathemat ical ly
t h a t
t h e
B o n d s a r e i s s u e d
a t
a lower n e t a v e r a g e
interest
c o s t r a t e t h a n t h e n e t
average
in te rest
cos t
rate
bo rne by th e
Refunded B o n d s .
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I.
Nei ther
th e
execut ion
a n d
delivery of a n es cro w de po s it
a g r e e m e n t
n o r th e
a p p o i n t m e n t of an esc row agen t
is
required in connec t i on
wth
th e re fund ing
of
th e
Series
2000
Genera l
Obl iga t i on B o n d s cons t i tu t i ng Refunded
B o n d s s in ce the
Gulf Breeze
L o a n s
will
be
prepaid o n the date of i s suanc e of th e
B o n d s .
J.
The
execution
and
delivery
by
Mayor
M a y o r '
s
he Ma or
of
the Ma or'
s
Certificate and the
Escrow Depos i t A g r e e m e n t sha l l be conclus ive
evidence
of th e
C i t y '
s
pproval
of
a ll mat te r s
delegated
to the
Mayor
un de r th is
Resolution.
K.
Due
to current favorable market
conditions,
the
uncertainty
inherent in
a
competitive bidding pro ces s a n d the r e c o m m e n d a t i
o n s of
th e
F i n a n c i a l Advisor,
he
sale of
th e
B o n d s
o n th e
bas is
of nego t i a ted sa le
r a th er th a n
a sale by
c o m p et it iv e b id is f o u n d
to
be in
th e
bes t
i n te re s t
of
th e City
a nd is
hereby
authorized.
SECTION 3.
CONTRACT.
In c o n s id er a tio n
of th e acceptance of th e B o n d s a ut ho r iz ed
to
be
i ssued h er eu n de r b y
t hose
w ho s h a l l
hold th e
s a m e fro m tim e to time, h is R es o l ut io n s h a l l
b e deemed
to
b e
an d shal l consti tute
a
cont rac t between the City,
he
Bondho lders ,
he
Paying
Agent
and
the
Bond
Registrar.
Th e
c ov enan ts a n d
agreem en ts herein s et f o r th
to
be per fo rmed
by
th e City sha l l be fo r th e equa l benefit,
ro tec t i on
an d
securi ty
of th e B o n d h o l d e r s , an d
a ll
B on ds s ha ll
be
of equal r a n k an d without
preference,
pr io r i t y o r dis t inc t ion over a n y other
thereof,except a s
express ly
provided h e re i n .
SECTION
4.
AUTHORIZATION O F THE
BONDS;
SALE
AND AWARD O F
THE
BONDS.
A
Subject
and
p ursua n t t o
the
prov is ions hereof ,
general
o b li ga t io n r ef und ing
bonds
of the City to b e kn own a s City
o f
M i a m i Beach, Flor ida, General Obligation Refunding
B o n d s ,
Series
2011 r e
hereby
authorized to b e issued
in
an
aggregate pr inc ipa l
a m o u n t
n o t
to exceed
Sixty
Seven
Mill ion
Dol lars ($
67
00,
00
o r
the purpose
of
refunding
the
Refunded
Bonds an d
p a y i n g
the
costs
of
issuance
of
the
Bonds.
Th e Mayor,upon
th e
r e c o m m e n d a t i o n s of
th e
Chief
Financial
Officer
a n d t h e Financial Advisor , h a l l determine t h e a g g r
e g a te principal amount o f
the
B on ds to b e
is s ued a n d
m a y
determine
to
issue the
Bonds
a t one t ime
o r
a s needed, such
determinations to
be
evidenced
in
the
M a y o r '
s
ertificate.
The Bonds shall
not b e
issued unless
t h e is s u a n c e thereof a n d t h e refunding o f t h e
Refunded
B o n d s r e s u lt s in a
to ta l
p r e s e n t
value
d e b t
s er vice s a vin gs o n the Refunded Bonds
of a t least
three percent (3.
0 % ).
B
Upon
co m p lia n ce b y
the
Underwriters with
the requirements
of
Florida Statutes,
Section 218.385,
he
M a y o r
i s
hereby author ized,
after
consul tat ion with
the
Chie f
Financ ia l
Officer
a n d
t h e F i n a n c i a l Advisor,
o
a w a r d t h e
B o n d s t o
t h e Underwriters
a n d
t h e
Mayor t o
e x e c u t e
a n d
deliver
t h e
Bo nd
P u r c h a s e
Agreement,
n
substantially
t h e
form
p r e s e n t e d
a t
t h e
meeting
a t
which
this
Resolution w a s
considered,
s u b je c t t o s u c h changes,
insert ions
a n d
omiss ions
a n d
s u c h
f i ll ing -n o f
blanks therein
a s
m ay
b e
n e c e s s a r y to evidence
t h e t e r m s o f t h e
Bonds a n d s u c h
addit ional
c h a n g e s a s m ay b e approved
by
t h e Mayor , after consultat ion
with
t h e
Chief
Financial
Officer
and the
City
Attorney.
Th e underwr i t i ng discount (which does n o t
include
original
issue
discount)
for
the
Bonds
shall
be
determined
b y
the
Mayor,
after
consultat ion with the Chief Financia l Officer
a n d
the Financia l
Adviso r ,
but shall n o t
b e
m o r e
than
1%f
the
principal
amount
of
the
Bonds.
Th e
execution
an d delivery of the
B o n d
Purchase
Agreement
by t h e Mayo r , o r a n d
on
behalf
of t h e City , hall b e
conclusive
evidence o f
t h e
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approval of such of f icer an d the City of
an y
such
changes,
n se r t i on s ,
o m is s io ns o r
filling -n of
blanks.
SECTION
5. TERMS,
REDEMPTION
AND
FORM O F
BONDS.
A
The B on ds s ha ll
be
issued
a s
fully
registered
b o n d s
in
th e
d e n om i n a t i on
of $
5
00
each or
any i n t e g r a l
multiple
thereof
and shall be numbered
c onsec u t iv e ly
from
1
upward
preceded
b y
the letter
R .
The
pr i nc ipa l
of a n d
redempt i on
premium,ifany,o n the
B o n ds s ha ll
be
payable
upon
presenta t ion
an d
surrender
a t th e
des ignated corpora te
t rus t
of f ice of th e
Pay i ng
Agent.
In teres t o n the B o n ds s ha ll be paid by check o r
dra f t
drawn upon th e P a y i n g
A g e n t
a n d
m a i l e d to th e r eg is t er ed o w n e r s
of
th e B o n d s a t
th e
addresses a s they a ppea r o n th e r eg is t r a t i on
b o o k s m a in t a in e d b y
th e
B o n d
Re g is t r a r
a t th e c lo s e of bus in es s o n the 1 5th d a y (whether or
n o t
a bus iness day)of th e m o n t h
n e x t p re ce din g
th e i n teres t p a y m e n t date (the
Record Date ),
i r respec t ive
of a n y t r ans fe r
o r exchange of
such B o n d s subsequent
to
such Record
Date
a n d prior
to such
i n te re s t p a y m e n t
date, un le ss th e City
s h a l l
be
in
defaul t in
p a y m e n t
of
i n te re s t due
o n
such
in t er es t p a ym e n t
date;provided,however,
ha t (
i)
f o w n e r s h i p
of
B o n d s
is
m a i n t a i n e d
in a
b o o k -entry o n l y sys tem by
a
secur i t ies d e p os i t o r y ,
such p a y m e n t
m a y be
m a d e
b y
a u t o m a t i c
funds
t r ans fe r (wire)
o such securit ies depos i tory
o r
its n o m in ee
o r (
ii)f such B o n d s are
n o t
m a i n t a i n e d
in
a b o o k -entry on l y system by a securit ies depos i to ry ,
upon
writ ten request
of the
holder of $
100,00r m o r e
in
pr inc ipa l a m o u n t of B o n d s ,
such
pa ym en ts m a y
be m a d e
by
wire
t r ans fe r
to
th e
b a n k an d b a n k account
specified
in w r i t i ng by
such
holder o n o r pr io r to
th e
Record Date (
such
b a n k
be ing a b a n k wthin th e c o n t i n e n t a l
Uni ted
States),f such holder ha s
a dva n ced to
th e Pay ing Agen t the a m o u n t necessary to pa y the
cos t
of
such wire
t ransfer
o r
authorized the
Paying
Agent to
deduct
the co s t of
such
wire t rans fe r f rom
th e
p a ym e n t due s uc h
holder.
In th e
e ve n t
of a n y defaul t in th e p a y m e n t of
i n te res t ,
such
defaul ted
in t er es t s h a ll be
payable
to
the per so n s in
whose
n a m e s such B o n d s are registered
a t
the
close
of bus in es s o n a
special
record d a t e
fo r the
payment
of such
defaulted
interest a s established b y n o tice deposited
in the U.S.m a i ls , postage prepaid, by the Paying Agent to
the regi s te red owners of th e B on d s n o t
less than
fifteen (
15)
a y s
preceding
such
spec ia l
record
date.
Such
notice
shall be mailed to the
persons
in
whose
n a m e s the Bonds
a r e registered
a t
the clo s e of bus in es s o n the
f i f th (
5th) ay
whether
o r
n o t
a business day)
preceding the
date
ofm a i l i n g .
B.
Prior
to
the
issuance
of
the
Bonds
the
Mayor
shall
execute the
M a y o r '
s
Certif icate, after consultation
with
t h e
Chief
Financial
Officer
a n d t h e Financial Advisor , setting
forth
certain
terms o f the Bonds
including,
but
n o t l im i ted to:
he da ted
d a t e
o f t h e B o n d s ,
i n t e r e s t p a y m e n t
d a t e s , n t e r e s t rates,
maturit ies, u t
n o t
l a t e r t h a n S e p t e m b e r
1 ,
2033,
inking
fund i ns ta l lments ,
if a n y , an d an y redemption prov is ions.
C.
The
B o n ds s ha ll
b e executed in t h e n a m e o f the
City
by t h e Mayo r a n d the s e a l of
t h e
City
s h a l l
b e
imprinted,
r e p r o d u c e d
o r l i t h o g r a p h e d
o n th e
B o n d s
a n d
a t t e s t e d
t o
b y
t h e
City
Clerk.
The
s i gn a t u r e s
of
the
Mayor
and
the
City
Clerk on
the Bonds
may
be
by
facsimile.
Ifa n y
officer
w h o s e s i g n a t u r e
a p p e a r s
o n
t h e
B o n d s c e a s e s t o
hold
office b e f o r e t h e
delivery
o f
t h e
Bonds,
his
or
her
s ig na tu r e
shall
nevertheless
be
valid and
sufficient for
all
purposes.
In
addit ion,
a n y B o n d m a y b e a r t h e
s i g n a t u r e of,or m a y b e
s i g n e d
b y ,
s u c h p e rs o n s a s a t t h e a c t u a l
t ime o f
e x e c u t i o n
o f s u c h B o n d s h a l l
b e t h e
p r o p e r officers
t o s i g n
s u c h
B o n d a lt h o u g h
a t
t h e
d a t e o f
s u c h
B o n d
o r t h e
d a t e o f del ivery thereof
s u c h
p e r s o n s
m ay n ot
h a v e b e e n
s u c h off icers.
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Only such of th e B on d s
a s shal l have
endorsed
thereon a cert i f icate
of authenticat ion
s ubs t an t ia l ly i n the
fo rm
hereinafter s e t fo r th in
Section
S.K.hereof , duly man ua l l y
executed
by
the B o n d Regist rar , shall be
ent i t led
to
an y
r ight o r
benef i t
under this Resolut ion. No B o n d shall
be
val id o r
ob l iga to r y
fo r a n y purpo s e
unless
an d
unt i l
such
cert i f icate of authent icat ion
shal l
have
been duly
executed by the B o n d
Regis t rar ,
a nd s uch
cert i f icate of
the
B o n d
Reg is t ra r up on
a n y
such
B o n d
sha l l
be
conclus ive
e vid en c e t ha t
such
B o n d
ha s been
duly
authent ica ted
a n d
delivered under
this
Resolution.
The B o n d
R e g i s t r a rs
er t i f i ca te of authent ica t ion o n
a n y
B o n d
sha l l be
deemed to have been duly executed if s igned by an author ized
officer of th e B o n d
Regis t ra r , but
it
sha l l n o t
be
necessary tha t th e s a m e off icer
s ign
th e cer t i f icate of authent icat ion
o n a ll of th e B o n d s tha t m a y be i s sued
hereunder
a t
a n y
o n e time.
D.
An y B o n d m a y be
t rans fer red
upon th e
reg i s t ra t i on b o o k s
m a i n t a i n e d
by
th e B o n d
Regis t ra r upon del ivery t h e r e o f
to
th e
des igna ted
c orpo ra te t rust office of th e B o n d R eg is tra r
a c c o m p a n i e d b y
a written
in s trum en t o r
i n s t r u m e n t s of
t r a n s f e r in
form a n d wth g u a r a n t y of
s igna tu re sa t i s fac to r y to th e B o n d Registrar,
duly
executed
by th e B o n d h o l d e r o r his a t t o r ney -in-
fac t
o r lega l
r e pr e s e n t a t i ve , c o n t a i n i n g written
i n s t ruc t i ons a s to
th e deta i ls
of
th e
t r a n s f e r of
such
Bond,
l o n g
wth
th e
s o c i a l
secur i ty
n um b er o r federa l
e m p lo y e r
identification
n u m b e r
of
such
transferee.
In a ll cases of
a
t r a n s f e r of
a Bond, he
B o n d Re gis tr ar s h a l l a t
th e
e a r lie s t p r a ct ic a l
t i m e in accordance wth th e t e r m s
h e r e o f
enter th e t r ans fe r of
o w n e rs h ip in
th e reg i s t r a t i on
b o o k s
a n d sha l l del iver in the n am e of th e n ew
t rans fe ree
o r
t rans fe rees
a n ew fully regis tered B on d o r
B o n d s of
th e
s a m e
maturity a n d of
auth o r i ze d
d e n o m i n a t i o n
o r
denominations, or th e
s a m e
aggregate principal
amount
and
pay ab le
from
the
same source of funds.
B o n d s m a y be
exchanged at
th e
off ice of
th e
B o n d
Regis t rar
fo r a l ike
aggregate
pr inc ipa l a m o u n t of B o n d s , of
other
authorized
denominations of the
same
maturity.
The City a n d
th e
B o n d R eg is tra r m a y
ch ar ge t he Bondho lder fo r the regis t ra t ion of
every
tra n s fer o r exchange of a B o n d
an
a m o u n t
suff icient
to re imburse them
fo r
a n y tax, ee o r an y o th er g o ve rn m e n ta l charge
required (other
tha n by the City) o
be
paid with respect to
th e
regis t ra t ion of
such
tr a n s fe r o r exchange, an d
m a y
r eq ui re t ha t such
a m o u n t s
be p a id b ef o re a n y
such
n ew B o n d sha l l be del ivered.
The
City, he Paying
Agent
a n d the
B o n d
Registrar
m a y
deem a nd
t reat
the
registered
owner of a n y B o n d a s the abso lute
owner
of
such
B o n d fo r
the
purpose of receiving
p ay men t
of
the pr inc ipa l t he r eo f an d the interest an d
redempt ion
p r e m i u m , if
a n y ,
thereon.
E.
If an y B o n d is m utila ted,
destroyed,
stolen
o r l o s t ,
he City
or
its agent m a y ,
n
its
d iscret ion (
i)eliver a duplicate
replacement
B o n d , o r (ii)ay a
B o n d
that
h a s
matured o r is
about
to
mature.
A
m uti la ted
B o n d shal l b e surrendered
to
an d
cancelled
by the B o n d Regist rar .
T h e
Bondholder
m u s t furnish t h e City a n d t h e
B o n d Regis tr ar
proo f o f ownership o f a n y
d e s t r o y e d ,
stolen
or
lost
Bond;
post
sa t i s fac to r y indemnity;
comply
with
any
reasonable
condit ions t h e City a n d t h e B o n d Reg is tr ar m a y
prescribe; a n d
pa y the
C i t y '
s
a n d
the
B o n d
R e g i s t r a r
s
easonab le
expenses .
An y
s u c h
duplica te Bond shal l
constitute
a n or iginal
contractual
obl igat ion on
the
part
o f
t h e City
whether o r n o t
t h e destroyed, t o l e n
o r lo st
B on d b e a t
a n y
tim e fo un d by anyone, a n d
s u c h duplica te Bond
shall b e
entitled
t o e q u a l
a n d proportionate benefits a n d rights a s t o lien o n ,
a n d s o u rc e
o f
payment
o f
a n d security
fo r
payment f r o m ,
h e
funds
pledged t o t h e
payment
o f t h e
B o n d s o m ut ila ted , des t royed ,
o r
s to len o r lost.
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F.
Th e B o n d s
shal l
be
subject
to redempt ion pr io r to
their
m atur it y a t such t imes an d
in such manner as
may
be set forth
in
the
M a y o r 's
ertificate.
Notice
of r e d e m p t io n sha l l be
given by depos i t
in th e
U.S. ai ls
of
a copy of a redem pti on
no t i c e , postage prepaid, at least
th i r ty (30) n d n ot m o re
than
s ix t y (
60) ays
before the redempt ion
date
to a ll r eg is t er ed o w n e r s
of th e
B o n d s
o r
por t i ons
of th e
B on ds to be
redeemed
at their addresses a s they
a ppea r o n the
r eg is t r a t i on
b o o k s
to
be
m a i n t a i n e d
in
accordance
wth
th e
p r o v i s i o n s
hereof.
Failure
to
m a i l
a n y
such
n o t ic e to a reg is te red o w n e r
of
a
Bond,o r a n y
defect
therein,
sha l l n o t a ffe ct
th e
validity of
th e proceedings fo r
redempt i on
of a n y B o n d
o r
por t i on the reo f
with
respect to which n o
fai lure
or defect occurred.
Such no t i c e s h a l l set
forth
th e
date fixed for redemption,
he ra te of i n te re s t b o r n e
b y
each
B o n d
be ing
r edeem ed,
he
n am e a nd a ddres s of th e
P a y i n g
A g e n t a n d
th e
B o n d Registrar,
he
r e d e m p t i o n
pr ice
to be pa id and,if less
t han all of
th e
B o n ds the n
o u t s t a n d i n g
s h a l l
be cal led
for
redemption,
he
dis t inc t ive
n u m b e r s
a n d letters, nc lud ing
CUSIP
n u m b e r s ,
ifany,
of such
B o n d s
to be r edeemed
and, n
th e
case of
B o n d s to be r edeemed in par t only, he
p o r t i on of
th e pr i nc ipa l
a m o u n t
the reof
to
be
r edeem ed.
If
a n y B o n d
is
to be redeemed in par t only, he no t ice
of
redem pti on which
relates
to
such
B o n d
shal l
also
state
that
o n
o r a fter
the
redempt i on date,
upon
surrender of such
Bond, n ew B on d
o r
B o n d s
in
a
pr inc ipa l
a m o u n t
equa l to th e unredeemed
portion
of such
Bond will be
issued.
If th e o p tio n a l r ed em p tio n
of
a n y
of
th e B o n d s
is
cond i t i oned upon
th e receipt
of s u ffic ie n t m o n e y s ,
he no t ice
of redempt i on which
re lates
to
such
B o n d s sha l l a lso state tha t th e redempt i on is
so
c on d i t i on e d .
An y
not ice
ma i led
a s provided
in
this
s ectio n s ha ll be conc lus ive ly pres um e d to have
been
duly given,
w hether o r n o t
th e
o w n e r of
such
B o n d receives
such
notice.
Th e
B o n d Re gis tr ar
s ha ll n o t b e
required
to
t ransfer
o r excha n ge a n y
B o nd a fter
the
ma i l i ng of
a
not ice of redem p tio n n o r during
the period
of
f i f teen (
15)
ays
n ex t pr ec edin g
m a i lin g of a no t ice of r e de m p tio n .
G.
N o tic e h a vin g been given in the
m a n n e r
an d
under the
c o n dit io n s p ro v id ed in
the
f i rs t
th re e pa r agr aph s of Section S.F.
bove,
he
B o n d s o r po rt io n s
of Bonds s o
called fo r
redem pt ion sha l l , o n
th e
redempt ion
date
designated in such n o t i ce , become an d
be due an d
payable a t
the
redem ption price provided
fo r
redemption fo r such B on ds o r po rtio n s of Bonds on
s u c h date; provided, however, ha t Bon ds o r
port ions
o f B o n ds ca lle d fo r opt iona l
redemption
a n d which
redemption is
condi t ioned upon the
receipt o f
s u ff ic ie n t m o ne ys , shall
n o t
become d u e
a n d p a y a b l e o n t h e redemption d a t e if sufficient m
o n e y s to p a y t h e redemption
price
o f s u c h
B o n d s o r po r tion s o f s u c h B o n d s h a v e n o t b
e e n r e c e i v e d
by
t h e
Paying Agent
o n
o r
prior t o t h e
r e d em p t io n
date.
On
the
date
s o
designated fo r redempt ion , m o n e y s fo r p ay m e n t
of the
redemption price being held in s e p a r a t e a c c o u n t s
by t h e Paying Agent o r o ther
Authorized
Depo s it o ry in trust
fo r
t h e
regis tered owners
o f
t h e
Bonds
o r port ions
thereof
to
b e
redeem ed, al l
as
provided
in
this
Resolution,
nterest
on the
Bonds
or
portions
of
Bonds
so
called
for
redempt ion shall c e a s e to
accrue, such
Bonds
an d por t ions of
Bonds
shal l
c e a s e to
b e entit led
to
a n y l ien ,
b en e fit o r
security under this Reso lut ion a n d shall b e d e e m e d
paid
hereunder,
a n d t h e
r e g i s t e r e d o w n e r s o f
s u c h
B o n d s o r po rtio n s o f B o n d s s h a ll
h a v e
n o
right in
r e s p e c t thereof
except
to
receive payment o f t h e redempt ion price
thereof
and ,
to
t h e extent provided
in
t h e next
subsect ion, t o receive
Bonds
fo r
an y
unredeemed port ions of t h e
B o n d s .
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H.
In c a s e
part
but
n o t a ll
of
an outstanding fully registered B o n d shal l be selected
fo r
r edem p ti on ,
he
r eg is te re d o w n er s
the reo f
shal l present
an d
surrender
such
B o n d
to th e
Paying
A ge n t fo r p ay men t
of
the pr inc ipa l a m o u n t thereof
s o
called fo r redempt ion , a nd the City
shal l
execute
a n d deliver
to o r upo n
the
order
of such
registered
o w n e r , wi thout charge there fo r ,
fo r
th e
un r ed ee m e d b a la n c e
of th e pr inc ipa l a m o u n t of th e B o n d s s o
surrendered,
a B o n d o r
B o n d s
fully
reg is te red
a s
to
principal
a n d
interest.
I.
B on ds o r por t i ons of B o n d s that have been duly cal led
for redempt i on under th e
p r o v i s i o n s
hereof,o r a s to which i r revocable
ins t ruc t ions to
ca l l for r edem pt ion h ave bee n given
by th e City,
a n d wth
respect
to which
a m o un t s (including G o v e r n m e n t Obligations) uf f ic
ient
to
pa y th e pr i nc ipa l
of,
edem pt ion
premium, f
any,
a n d
in t er es t t o th e
date
fixed for r edem pt ion
sha l l be del ivered to
a n d held in
separate t rust accounts
b y
an
esc row
a g e n t , a n y Author ized
Depository
or the Pain
A g e n t
in
t rust for
th e r eg is t er ed o w n e r s
thereof,
s
p ro v id ed in this
rY
P a y i n g g g
p
Resolution, hal l
n o t
be d e e m e d to be
O u t s t a n d i n g
un de r th e
provisions
of
th is
R eso lu t i on
a n d
sha l l
cease
to be ent i t led
to a n y
lien,bene f i t
o r s e cu rit y
under th is
Resolution,except
to
receive
th e p a y m e n t
of
th e r ed em p ti o n p ri ce o n o r a fter th e des igna ted
date
of
r edem pt ion
from
m o n e y s
depos i ted
wth
o r
held
by
th e
esc row
ag en t , Au tho r i zed Depos i t o r y
o r Pa y in g
Agent,
a s
th e
case
may
be,
o r such redem pt ion of th e B o n d s a n d , to th e
extent
pro vided in
th e
preceding
s u b s e c t i o n , to r ec eiv e B o n d s for a n y
unr edeemed
portion of th e Bonds.
J.
If th e
date
fo r p a y m e n t of th e
pr i nc ipa l
of,
edempt i on premium,if
any,o r
in te rest
o n the
B o n ds s ha ll
be
a
Saturday, Sunday ,
legal
ho l iday
o r a
da y o n which b a n k i n g i n s t i tu t i ons in
th e city where the
corporate t rus t
off ice of th e Pay i ng A g e n t is
located
a re
authorized by
la w
o r
e x ec ut iv e o r d er to c l o se , then th e date
for
such pa y m e n t s ha ll be th e nex t s uc ce ed in g d a y
which
is
not a
Saturday , Sunday,
e ga l
hol iday
o r
a
da y o n
which
such b a n k i n g i n s t i tu t i ons a re
a u th o r iz ed t o c lose, a n d p a y m e n t on such da
y
shal l
ha ve t he s a m e fo rce an d
effect
a s ifm a d e o n
th e
n o m i n a l date
of
payment.
K.
Th e
text
of the
Bonds,
he
authentication
certificate
to
be
e n d o r s e d
thereon
a n d
the
form of ass ignmen t fo r
such
Bonds shal l
b e su bs t a n ti a lly in the
fo l lowing
form,
with
such
o m i s s i o n s ,
nser t ions
and var ia t ions a s
m a y
b e necessary o r
desirable
an d
a uth o riz ed b y
this
R es o lutio n o r a s m a y b e approved
an d
made by
the
off icers of the City execut ing the s a m e ,
such
execution to
be
conclusive
evidence
of such
approval,
ncluding,
without
limitation,
such
changes
a s m a y b e required
fo r
the issuance
of
uncert i f icated public
o b l i ga t i o ns :
MIAMI /
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Form of Bond]
No.R
UNITED STATES
OF AMERICA
STATE OF
FLORIDA
CITY
OF
MIAMI BEACH,FLORIDA
GENERAL
OBLIGATION
REFUNDING BOND,
SERIES 2 0 1 1
Interest Rate:
Maturity
Date:
Original
Dated Date:
CUSIP NO:
1,
2011
REGISTERED
OWNER:
PRINCIPAL
AMOUNT:
DOLLARS
The
City
of
Miami
Beach,
Florida
1
o da
ca l
ed
the Cty ),
or
value
rece ived,
)>
hereby pro m is es to pa y to
th e Registered O w n e r
i de n t i fi ed a b o v e ,
o r
t o r eg is t e re d
ass igns o r legal
rep resen ta t ives ,
to
th e ex ten t a n d
f r om
th e s o ur ce s prov ided
therefor,
a s descr ibed herein,o n the
Maturity
Date
identified
above (
or
earlier
as
hereinafter
provided),
he
Principal
Amount
id e n tif ie d a b o v e ,
up o n p re s en t a tio n
a n d surrender h e r e o f a t th e des ignated
c orpo ra te
t rust
office
of U.
S.
B a n k Nat i on a l A s s oc i a t i on , in Miami,Florida, s
th e Pay ing A g e n t
for
th e B o n d s ,
o r
a n y
successor
P a y i n g
A g e n t
appo in ted b y th e City pursuan t to th e R e s o l ut io n h
e re in a f te r re fer red to,
an d to pay, o the extent an d f rom th e s o ur ces herein
descr ibed,
n te res t o n
th e
pr inc ipa l s um
f r om the da te
hereof ,
o r f r om
the m o s t r ec en t in t er es t p a y m e n t
date
to
which i n teres t has been
pa id , at
the
Interest Rate
per a n n um
i den t if ied ab ov e ,
unt i l p a y m e n t
of
the
Princ ipal Amount,
o r
unt i l
prov is ion
fo r
the
p a ym e n t
thereof
h a s
been
duly
provided
for,
uch
interest being payable
s e m i a n n u a l l y
on
the first
da y
of
and
the
first
da y
of
of each year,
c o m m e n c i n g
on
1,
In te res t
will be
pa id b y check o r draft m a i le d
to the
Registered
Owner hereof a t
his address a s it appears
on the
registrat ion books of
the
City
m a in t ain e d b y
U.S.B a n k N a t i o n a l A s s oc i a t i on ,
a s th e
B o n d R eg is t ra r
fo r th e B o n d s , at the
close
of business
on
the f i f teenth (15th) ay (whether
o r n o t
a
business
day)of the m o n t h
next
preceding
the interest
payment
date (
the
Record
Date ),
i r respect ive
of a n y
t r ans fe r o r
exchange
o f s u c h B o n d
subsequent
to e a c h Record
Date
a n d prior to s u c h i n te res t pa yme n t date,
unless
t h e
City
shall be
in
default
in
payment
of
interest
due on
such
interest
payment
date.
In the event of
an y
such default, such defaulted in teres t shall b e pa y ab le to
the pers o n
in
whose
n a m e
such B o n d
is
registered
a t t h e close o f bus in es s o n a special
record
d a t e
fo r
t h e
payment of
s u c h defaulted
interest
a s
established
by n otice by
deposit
in
t h e
U.
S.
mai l s ,
p o s t a g e
prepaid,
by
the
B o n d
Registrar to t h e Registered
Owners
o f
Bonds n o t
l e s s than f i f teen (15) a y s preceding s u c h
special record date. Such not ice
shal l
be mai led to the persons in
whose
n a m e s th e B on d s are
registered a t t h e
close
o f b u s in e s s o n t h e f if th (5th) ay (whether o r n o t
a
business day)
preceding
th e date ofmailing.
This B o n d is one
o f
a n author ized issue of bonds in
the
aggregate pr incipal
a m o u n t
of
the
Bonds )
of l ike date, e n o r an d
effect ,
except
a s to nu mbe r , m atur it y an d
interest
rate,
ssued to
provide
for
the
r e f u n d i n g
of [$
principal a m o u n t
of Series
MAM/4271069.
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2000 General
Obl iga t i on
Bonds
and $
pr inc ipa l a m o u n t of Se rie s 20 03 Genera l
Obl igat ion Bonds (as
such
te rms a r e
defined
in
the
Resolution)],ursuant
to
th e author i ty of
an d
in
full
compl iance with the Const i tut ion an d laws of the State
of
Flor ida ,
nc lud ing par t icu la r l y
Article VII,
ection
1 2 of th e
Constitution, Chapter
1 6 6 , F l o r id a Statutes , a s a m e n d e d ,
Sect ions
132.33
3 2.47, lor ida Sta tutes, s a m e n d e d , a n d
th e C har te r
of
th e
City, s
a m e n d e d ,
a n d
Resolution
No.
duly
adopted
by
the
City
Commission
of
the
City
on
2011
the
Resolution ),
a n d other
appl icable
p rov i s i ons of law.This
B o n d
is
subject
to
a ll
th e
t e rms
a n d
cond i t i ons
of th e R es o lu t i on ,
an d
capi tal ized t e rms n o t o th er wis e d efin e d h ere in s
h all have
th e s a m e
m e a n i n g s
a s cr ib ed to th em in th e Resolution.
Th e full faith,credi t a n d t ax ing
power
of th e City are i r revocab ly pledged
to
th e
punctual
p a y m e n t
of
th e pr inc ipa l of a n d in te rest o n the B o n d s , a s th
e
s a m e
sha l l b e c o m e due a n d p ay ab l e .
Referen ce is m a de to th e
Resolut ion
fo r th e p r ov i s i on s , a m o n g o th e r s , re la t i
ng to th e t e r m s ,
lien
a n d
secur i ty
for th e Bonds, he
custody
a n d appl icat ion of
t he p ro c ee ds
of
th e
Bonds,
he
r igh ts
a n d r em ed ies of th e holders of th e Bonds,a n d
th e
e x te n t of a n d limitations o n
th e
C i t y '
s
ights,
duties
and
obligations,
to
all
of which
p r o v i s i o n s th e regis tered o w n e r h e r e o f assen
ts
b y
acceptance
hereof.
The Bonds
m a t u r i n g
1,
20
a re subject
to m a n d a t o r y
r e d e m p t io n
prior to
J Y p
P
maturity, n pa r t a n d selected b y lot,
t a r e d e m p t io n
price of
100%f
th e principal a m o u n t
thereof on
1,
and
on
each 1
thereaf ter
in th e followng
principal amounts:
Date
Pr inc ipa l Amount
Maturity.
The
Bonds
maturing
on
or after
20
shall
be further
subject
to
r e d em p t io n
prior
to
their
maturity,
at
the
op t ion
of
the
City,
onor after
20
a s
a whole o r
in
part at
an y time,and
if in pa rt a s
selected
by the
City
a m o n g m atur it ies
an d by
lo t within
a m atur it y ,
a t
a redem ption price of
100%
f the princ ipa l a mo u n t thereof plus accrued
in terest f r om the m o s t r ec en t in t er es t p a y m e n
t date to the redem pt ion date.
Notice of
call
fo r redempt ion is to b e
g iven by
m a i l i n g a
copy
of
the
redempt ion
not ice
by
U.
S.
a il a t least
th i r ty (
30)
ut
n o t
m o re tha n
six ty (60) ays
prior to
the
date
f ixed
fo r
r edem pt ion
to th e
regis tered
o w n e r
of
each
B o n d
to
be
redeemed
a t
th e address
s h o w n
o n th e
registrat ion
books
main ta ined by
t h e
B o n d Registrar, or
an y successor
B o n d Registrar appointed
b y
the
City,
s
more
specifically provided
in
the
Resolution.
Fa ilure to g ive such no t ice
b y
mai l i ng
to a n y Bondholder,
o r a n y
defect therein, shall
n o t a ffect
t h e val idity o f t h e proceedings
fo r
the
redempt ion
of a n y
B on d o r
p o rt io n t he re o f with
respect
to which n o
such
failure
o r
defect
has
occurred.
All such B o n d s
cal led
fo r redem pt ion an d fo r th e
re ti rem ent
of which funds are
duly
provided wll
c e a s e to bear
in terest
on such redempt ion date.
MIAM1/
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This
B o n d
m a y be t ransferred upon the reg is t rat ion books
of
th e City upon delivery
the reo f to
the
designa ted
corporate t rust off ice of
th e
B o n d Re gis tr ar a c c o m p a n i e d by
a
wr i t ten
in s tr um e n t o r in s tr um e n ts
of
tr a n s fe r in
f o rm
a n d with
gua ran t y of s igna ture
sa t i s f ac to r y
to
th e
B o n d
Regist rar , duly
executed by
the registered
o wn e r of th is B on d o r by
hi s
a t to rney -
n -
act
o r
legal representa t ive, conta in ing writ ten i ns t ruct ions a
s
to
the
details
of t r ans fe r of this B o n d ,
a l o n g
with
the
social
secur i ty
number
or
federal
e m p l o y e r
identification
number
of such
transferee.
In a ll cases of a t r ans fe r of a Bond,
he
B o n d R eg is tr ar s ha ll
a t
th e
ear l ies t pract ica l
t i m e
in
accordance wth th e p r o v i s i o n s of th e
Resolut ion
enter th e
t r ans fe r
of
o w n e r s h i p in
th e
reg is t rat ion b o o k s
an d
shal l
d e liv e r in the n am e of th e
n ew
t ransferee
o r
t ransferees
a
n ew
fully
reg is tered
Bond
or
Bonds
of
the same
maturity
and
of authorized denomination
or
d e n o m i n a t i o n s , o r th e
s a m e
aggregate pr i nc ipa l a m o u n t a n d payable f rom th e s a
m e source of
funds.
B o n d s
m a y be e xch an ge d
a t
th e
of f ice of
th e B o n d
Regis t ra r for a like
aggregate
pr i nc ipa l
a m o u n t of Bonds,
of a u th o r iz e d d en o m i n a t io n s of
th e
s a m e
ser ies a n d
maturity.
The City a nd the
B o n d Re gis tra r m a y cha rg e the
o w n e r
of
such
B o n d fo r
th e
reg i s t ra t i on of every tra n sfer o r
exchange
of
a B o n d an a m o u n t suf f ic ien t
to
r eim b ur se th em for
a n y
tax, ee
o r
a n y
other
g o v e r n m e n t a l
charge requi red (other t han b y th e City) o be pa id wth
respec t to th e
registration
of such
tra n s fe r o r e x c h a n g e ,
a n d
m a y re quir e tha t
such
a m o u n t s
be
pa id
b efo re a n y
such
n ew
Bond shall
be delivered.
If th e date
fo r
p a y m e n t of th e pr inc ipa l of, edempt i on
premium,ifany,
o r
in te rest o n this
B o n d
shal l
be
a Saturday , Sunda y , egal hol iday o r a
da y o n
which
b a n k i n g
i n s t i tu t i ons in th e
city
where
th e
c orpo ra te t rust
office of
th e P a y i n g
A g e n t is
located a re
a uth o riz ed b y
la w
o r
execut ive order
to
close,
then
th e date
fo r
such pa y m e n t s ha ll be th e n e x t
s uc ce ed in g d a y
which
is not
a
Saturday,
Sunday,
egal
ho l iday o r a da y o n
which
such b a n k i n g i n s t i tu t i ons are
author ized
to
close,
a n d p a y m e n t o n
such
da y sha l l ha ve th e s a m e
fo rce
a n d
effect
a s ifm a de o n
th e n o m i n a l date
of p a y m e n t .
It is hereby
cert i f ied
a n d
r ec ite d th at th is B on d is a uth or iz ed b y a n d is
issued
in
conformity wth th e requi rem en ts of th e Cons t i tu t i on a
n d s t at ute s of th e
State
of Florida; ha t a ll
ac t s ,
cond i t i ons
an d
t hin g s r eq uir ed
to exist, o happen, a n d to be
per fo rmed
precedent to th e
issuance of this B o n d exis t ,
have
happened an d
have
been per fo rmed in r eg ula r a n d due fo rm an d
t i m e a s
required by th e laws an d Const i tut ion of the State of Flor
ida appl icable hereto;
that
the
issuance
of
the
Bonds of this issue
d o e s
n o t violate an y
const i tut ional
o r statutory
l im i ta t i on
o r
provision;
ha t due prov is ion
ha s
been m a d e
fo r
th e levy a n d col lec t ion of an a n n u a l tax,wi thout
l im i ta t i on a s to rate
o r
a m o u n t ,
i n ad di ti on to a ll
other
taxes, upon a ll
taxable
property within the
corporate l im i t s
of
the
Ci ty (exc lud ing
exempt i ons
a s provided
by
applicable law),uffic ient
to
pa y the pr inc ipa l of an d
in terest
on the Bonds a s the
s a m e shal l
become due
an d
paya ble, which
tax shall
be
a s s e s s e d ,
levied a n d collected a t
the s a m e time a n d
in
th e
s a m e
manner
as other
t ax e s
a r e assessed, evied an d collected within the corporate l im i
ts of the City; n d that the full faith,
credit
a n d
t ax in g po w er
o f
t h e
City
a r e
pledged to
t h e
punctual
payment
o f
the
principal
of
a n d
interest o n the
B o n d s ,
a s the
s a m e s ha ll b ec om e
due
an d
payab le .
This
B on d shall n o t b e valid or become
obl igatory fo r a n y
purpose or b e
entitled
to any
s e cur ity o r benefit
u n d e r
th e Resolution until th e Certificate
of
Authentication
e n do r s ed h er eo n
shal l have been
man ua l l y
s igned by th e B o n d Regist rar .
MIAMI /
2 7 1 0 6 9 .
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IN WITNESS W H E R E O F , th e City
of
M i a m i B eac h , Florida,ha s i ssued this
B o n d
a n d
ha s caused
th e
s a m e to be
s igned
by
it s M a y o r
a n d
attested by it s City Clerk,ei ther m a n u a l l y o r
with t he ir f a cs i m i le
s igna tures ,
a n d
it s seal to be af f ixed
hereto
o r a f acs im i le of it s seal to be
reproduced
hereon.
CITY
OF
MIAMI
BEACH,
FLORIDA
SEAL)
By:
Mayor
ATTEST:
By:
City Cerk
MIAMI /
2 7 1 0 6 9 .2
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CERTIFICATE
OF AUTHENTICATION
This
B o n d
is
o n e
of the B o n ds des ig na ted
in
a n d e xe cut ed u n d er th e prov i s i ons
of
th e
within
mentioned
Resolution.
U.S.BANK NATIONAL ASSOCIATION,
As B o n d R eg is tr a r
By:
Authorized Sgnatory
Date of
Authentication:
MIAMI /
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ASSIGNMENT
FOR
VALUE
RECEIVED,
the
under s ig ned (
the
Transferor )
hereby sells,
ass ig ns
a n d
transfers
unto
the
Transferee )
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER
OF
TRANSFEREE
th e within B o n d
an d
a ll
r ights
thereunder , a n d hereby i r revocab ly cons t i tu tes a n d
appo ints
a s a t t o r n e y to regis ter
th e
t r a n s f e r
of
th e
wthin
B o n d
o n
th e b o o k s kept fo r reg is t rat ion
a n d
reg i s t ra t i on
of
t r ans fe r
t hereof , wth
full power
of
subst i tut ion
g g
P
in
th e
p r e m i s e s .
Date:
Signature G u a r a n t e e d :
NOTICE:
S i g n a t u r e (s
ust
be
guaran teed
NOTICE:
No t r ans fe r will be regis tered an d
by
a
member
firm
of the
New
York
Stock
no
new
Bond will
be
issued in the name ofthe
Exchange
or a
member
firm
of
any
other
Transferee,
unless the
s i g n a t u r e (s
o this
r ec og n i zed
national
securities
exchange
or
a
a s s i g n m e n t c o r r e s p o n d (sth th e
n a m e
a s it
commercial bank
or
a
trust
company.
appears upon th e face
of
th e wthin B on d in
every particular,
without
alteration or
enlargement
o r
an y
change
whatever
and th e
Social
Securi ty
or
Federal
E m p l o y e r
Identification
Number
of the
Transferee
is
suppl ied.
End
of
Form
of
Bond]
MIAMI /
2 7 1 0 6 9 .2
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SECTION
6. APPLICATION
OF BOND PROCEEDS.
The
proceeds ,
including
premium,
if any , e c e i v e d from
t h e
s a l e o f t h e
B o n d s
s h a l l b e applied b y t h e City , simultaneously
wth delivery of
th e Bonds,
a s
follows:
A
An
amount , wh ich
together
with an y
o th er a v a ila b le
m o n e y s ,
s equal
to the
principal
o f
a n d
a c c r u e d
i n t e r e s t
o n t h e
S e r i e s
2 0 0 0 G e n e r a l
Obligat ion
B o n d s
constituting
Refunded
B o n d s ,
shal l b e
paid to,
r
fo r
the
account
of,Gulf B reeze a n d
used to
prepay the
outstanding principal o f a n d interest
on
t h e Gulf
Breeze
Loans
on
t h e d a t e of delivery of t h e
Bonds.
B
An
a m o u n t
which,
ogether
with i n v e s t m e n t ea rn in g s th ere on an d a n y
other
available m o n e y s ,
is e qua l
to the
principal
o f a n d interest o n the S e r i e s
2003
General Obligation
Bonds const i tut ing
Refunded
Bonds
when
due,
in accordance
with
the schedules
to
b e attached
to
the
Escrow
Deposit Agreement ,
shall b e t ransferred to
the Escrow Agent
fo r deposit
in to the
Es cr o w De po s it Tr us t F un d e s ta b lish ed pursua n t
t o
the Es c ro w D epo s it Ag re em e n t and
shall b e
u s e d
an d applied pursuant to
and in the
m a n n e r d esc rib ed
in
the
Es c ro w D ep os it Ag re em e n t
to
pa y
the
princ ipa l
of
a n d
in teres t o n
the S e r i e s 2003
General
Obl igat ion
Bonds
const i tut ing
Refunded Bonds.
C.
Th e
rema inde r
of t he p roceeds shal l be deposi ted in a separate a c co u n
t d es ig n a t ed
City of
M i a m i
Beach
2011
Genera l Obl iga t i on Refunding
B on ds Co st
of Issuance
Account
which is hereby es tab li shed with the C ity in an A ut ho r i
zed D epos i t o r y an d shal l
be
disbursed fo r
payment
of
expenses
incurred
in
i s s u i n g
the
Bonds
and
r e f u n d i n g
the Refunded
Bonds.
Any
balance r ema i n i n g
after
pa y m en t o r prov is ion fo r p a ym e n t
of such expenses
ha s been
m a d e
shal l
be t rans fer red
to the
Pay i ng
A g e n t
fo r depos i t
in
th e account
designated
City
of
M i a m i
Beach
2011 Genera l Obl iga t i on
Refunding B o n d s
Princ ipal an d In teres t Account (he
Princip
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